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China Banking Regulatory Commission, Central Bank and National Development and Reform Commission jointly issued Free Policy which requires that the banking financial institutions will provide free service of 34 items in 11 categories for RMB personal account as from July 1. Today, reporter visits many banks and finds that all banks still collects password reset fee and has a long way to go to meet the new requirements of no annual fee and account managerial fee. In addition, other fees have been cancelled.
Reporter learns that all free service this time is the most common in routine financial service. Compared with Interim Measures on Administration of Service Prices of Commercial Banks (Draft for Soliciting Opinions) jointly revised by National Development and Reform Commission and China Banking Regulatory Commission in August last year, this Notice also increases five free services including password modification and reset handling charge, cost of production of renewal passbook, manage fee and annual fee on parts of accounts and accounts with small amount, besides reaffirms free services like opening and closing an account. As for financial consumers right to know and choose, the banking financial institutions should perform their obligation to inform service charge and should not forcedly collect short messages service fee on consumers without consumers independent authorization in writing, telephone recording from customer service center or electronic signature.
